Tackling my credit card debt

3 Reasons Why You Should Hire a Broker When Seeking Financing for Your Home

8 May 2015

Chester Cunningham

If you are looking to buy a home, financing is the biggest hurdle you have standing on your way. As any homeowner will tell you, it's not so much getting a lender to approve you; it's all about getting the right mortgage loan for your purchase. And that's why it would be a good idea to work with a mortgage broker as opposed to approaching mortgage lenders directly. Read on to see why.

Get educated on the different loan products available

The most daunting aspect of hunting for mortgage financing is visiting multiple lenders, viewing their numerous products and having to rack your brain about which one best or what each entails. This process can be long, tiring and confusing even.

Luckily, mortgage brokers deal will all major mortgage lenders. A trip to one mortgage broker is therefore equivalent to visiting multiple lenders. Your mortgage broker will explain the different products by various lenders and what they constitute. This will save you a lot of time and effort.

Scoop up the best mortgage loan available

Once you know what mortgage products there are, your mortgage broker can start finding the right one for you. This will depend on the amount of income you have or the assets you own. Your credit rating will also be a factor as it will determine how much of a down payment you may need to put down.

Your broker will evaluate all that and help you narrow down mortgage loan from a specific lender. Because mortgage brokers work with multiple lenders, you get to enjoy choosing the products that best suits you from a lineup of tens of choices. You therefore end up with a mortgage loan that offers a favorable down payment and fair rates.

Get the application processed for you

Once you have chosen your ideal mortgage loan your broker will go ahead and start processing the application. They will get the necessary application forms, help you fill them out and have them processed by the mortgage lender. They will follow up on the application until its maturity. You therefore won't have to shuttle back and forth with the lenders seeking financing approval. The broker takes care of all the paperwork.

Working with a mortgage broker is an eye-opener as you get to learn all you need to know about mortgage financing. It's especially invaluable for first-time home buyers who may have very little knowledge about the mortgage industry. By working with mortgage brokers like Power & Associates, you also maximise your chances of clinching the best deal and saving yourself money for years to come.

I got in way over my head with my credit card debt when I was younger. It's easy to think that everyone is in the same boat, holding onto big credit card balances and juggling payments between different accounts. Now I'm getting ready to buy a house and I know that I'll need to buckle down and get my credit card debt under control. It won't be easy, but the thought of no more rent inspections is very inspiring. This blog is my record of how I'm getting financial literate and tackling all of my debt once and for all.